14-16 East 67th Street: Twice as Nice

Luxury Homes: This estate is among the largest single-family residences in Manhattan's Upper East Side. It has six floors and 20,000 square feet of living space. It was two separate houses until 1920, when Jeremiah Milbank, a prominent business executive, bought both residences and hired an architect to mold the houses together to form a twentieth-century castle. Mr. Milbank wanted a dwelling grandiose enough to lavishly accommodate the co-mingling of business and pleasure with plenty of space for in-house entertaining and socializing.

There are eight bedrooms throughout the 48-foot wide, Queen Anne-styled mansion. The master bedroom is 4,000 square feet. The high-society abode also has a grand ballroom, a gymnasium, an indoor swimming pool, and several terraced-garden spots. High ceilings are found on all six floors. There is a hand-carved marble staircase and an elevator. Additional rooms include a study, a library, and a solarium.

The next owner will be the third since 1920. Penthouse magazine's editor and founder, Bob Guccione Sr., owned the Upper Eastside palace since 1975, having purchased it from Jeremiah Milbank Jr. The one-of-a-kind structure has always been a single-family residence.

Aside from being a very prominent figure in the insurance and loan industries, Jeremiah Milbank created the JM Foundation in 1924 to assist people with physical disabilities to live productive lives. The foundation today is a philanthropic force that supports free enterprise, entrepreneurship, and private-property ownership. Mr. Milbank, in association with the Red Cross, co-founded the International Center for the Disabled (ICD) and assisted President Hoover in establishing the Boys & Girls Clubs of America.

The storied estate of 14-16 67th East Street is on the market at $59 million by the Corcoran Group.